US stocks end mixed amid data, rate hike concerns

New York, Nov 11 (IANS) US stocks closed mixed after wavering in a tight range on Tuesday, as Wall Street digested US import and export prices amid rate hike concerns.

The Dow Jones Industrial Average rose 27.73 points, or 0.16 percent, to 17,758.21. The S&P 500 added 3.14 points, or 0.15 percent, to 2,081.72. The Nasdaq Composite Index fell 12.06 points, or 0.24 percent, to 5,083.24, reported Xinhua.

US import prices declined 0.5 percent in October after falling 0.6 percent in the previous month, exceeding market consensus of a 0.1-percent decline, the Labor Department reported on Tuesday. Lower prices for both fuel and non-fuel imports contributed to the October decrease.

US export prices also fell 0.2 percent in October, following a 0.6-percent drop in September.

Investors remained cautious as the possibility of a December rate hike increases following a strong jobs gain in October.

US total non-farm payroll employment increased by 271,000 in October, the largest gain since December 2014. The unemployment rate fell to 5.0 percent, the lowest since April 2008.

Many analysts believed that the US Federal Reserve will raise interest rates next month, as Fed Chair Janet Yellen reiterated last week that the central bank may pull the trigger at its December policy meeting if the US economy is “performing well”.

In corporate news, shares of Apple Inc. declined 3.15 percent to $116.77 apiece Tuesday after Credit Suisse said the tech giant’s supply-chain orders have weakened recently in Asia, which could weigh on Apple’s shares for the “next few weeks/quarters”.

Overseas, European stocks also closed mixed on Tuesday as investors shifted their attention to earnings reports. Germany’s benchmark DAX index at Frankfurt Stock Exchange added 0.16 percent, while British benchmark FTSE 100 Index lost 0.32 percent.

In Asia, Chinese benchmark Shanghai Composite Index snapped a four-day winning streak to end 0.18 percent lower on Tuesday, as investors took profits off the table after the recent strong rally.

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